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Revenue and occupancy also drop
Profits made by chain hotels in London in February fell by 16.9% compared with the same month in 2008.
New figures from a HotStats survey by TRI Hospitality Consulting show that revenue and occupancy for London hotels also dropped during the month.
TRI said that daily profits - income before fixed charges (IBFC) - fell from £57.46 in February 2008 to £47.75 for this February.
Total revenue for the hotels declined by 11.3% while room revenue fell by 10.4%.
The average room rate decreased by 6.6% to £108.15 while occupancy slipped by 3.2% to 74.7%.
Jonathan Langston, managing director of TRI, said severe winter weather at the start of the month hit hotels but there was still a "continuing loss of high-paying corporate guests."
He said occupancy figures had been kept up through discounts on leisure bookings.
In the UK regions, TRI said profitability fell by 25% to £22.23 per room while total revenue dropped by 11.1% to £87.06 per room.
Occupancy was down by 6.2% to 64.5%.
"Perhaps the only comfort to take away from these latest numbers is that the accelerating downward trend in provincial RevPAR performance did not continue this February," Mr Langston said.